Oregon is located on the Pacific Ocean coast. It is blessed with diverse terrain, making it a good tourist destination. Consequently, the state enjoys relatively robust median household income level at $54,148, but it is still lower than national average but this is not the only sad news regarding this state. This also means that the residents generally require loans to bridge the gap between their income and expenses.
The state of Oregon has high poverty rate at 15.4 percent, which again fuels the demand for various loans including personal loans. These loans may be obtained for meeting even the most basic needs as the state has 18.9 percent of its households dependent upon food stamps. This is highest share for any state in the entire country.
Personal loans can help people in sailing through rough times as these loans do not have any restriction on their use.
Personal Loans for Medical Expenses
Oregon has high level of unemployment rate. 5.7 percent of its population is unemployed, which also means that they do not have the security net of employer funded medical insurance. In such cases, medical expenses may cause big dent in a household’s budget. Such medical expenses are prohibitive even for employed people.
Personal loan disbursements may be used in such cases. Personal loans are especially useful for meeting unexpected medical expenses as these loans have short turnaround time, which ensures that you have required cash within a short period of time.
These qualities make personal loans a good choice for meeting medical expenses. Although, the borrower should seek proper terms and conditions, especially with regard to repayment tenure, for the loan with the lender.
Personal Loan for Financing Vehicle
As personal loans may be used for any purpose, without any restriction, some borrowers use the proceeds for financing the purchase of a vehicle. In most to the cases, such vehicles are used for productive purposes, making them a good investment.
Although auto loans provide better bang for buck for financing vehicle purchase, but in many cases, there is difference between the loan amount and the vehicle price. Such shortfall may be made good by opting for a personal loan.
Obtaining a personal loan for financing a vehicle purchase is relatively easy as vehicles are considered productive assets. However, the borrowers should be careful about the amount of personal loan used for this purpose. It is also important to keep in mind the interest rate charged to such loan.
Best Banks for Personal Loans in Oregon
Find the best rates for personal loans starting with these highly-rated options:
Oregon Community Credit Union
The Oregon Community Credit Union helps you cope up with life’s surprises through personal loans with rates starting at 10.25 APR.
Founded in 1927, the Heritage Bank has remained true to its founding principle that banks that work with local communities create a better local economy.
A bank highly invested in keeping your information safe, KeyBank also helps communities thrive with millions in community investment as well as low-interest loans for different purposes.
Umpqua Bank is created to give back to the community. Using its financial expertise to help its customers achieve their financial goals through a series of products and services.
Even with a credit score below 600, you can avail of their personal loans for only 17.99 percent APR. This makes Unitus a terrific option if you have a low credit score.
For existing Wells Fargo customers, personal loan applications can be processed online. As one of the nation’s most popular bank, physical access to a branch is no issue at all.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.